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A Question for the Landlords here....


KillJoy

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....

 

Do you have a personal / friendship relationship with your Tenants? Or is it strictly business?

 

I am asking because if our Tenants were NOT our Tenants, we could see ourselves being good friends with them. We share many hobbies and interests, and are about the same age.

 

So far, I have taken the stepped back, all business approach. I think I have mainly done this so that I do not give a feeling of me "owing" them something, or the financial standpoint becoming laxed.

 

What are your thoughts?

 

KillJoy

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My uncle has owned apartments and multi-family homes for around 50 years and I only know of 3-5 tenants he is actually friends with. For the most part is is best to keep things friendly but business like.
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My folks own a home with 2 apts in it. They rented to a life long friend when the friend retired. Retired friend always said "I am leaving this apt in a box". Now my folks want to sell their home, live in the apt for 3 years and sell the apt. The 3 years gives them better tax breaks when they sell. (My folks are tired of dealing with 2 homes to up keep and want to retire). There house has been on the market for 4 months and they have not told their friends they are going to take over their apt yet, they don't know how to!

Keep it business.

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